Italy’s Hype Offers Bitcoin Trading Service

A recent update showed that Hype, previously owned by one of the oldest and leading Italian banks, Banco Sella, is offering Bitcoin trading services to its customers. This move has fueled discussions in the market, especially amid the growing institutional adoption of crypto. Recently, a flurry of state pension funds and leading US banks like Morgan Stanley, and Goldman Sachs, among others, have revealed investments in Spot Bitcoin ETF.

Italy’s Hype Offers Bitcoin Trading Service

Hype, previously owned by one of the oldest Italian banks Banca Sella, is offering Bitcoin trading services to its customers directly through its mobile banking platform. This service is currently in the beta testing phase and is only available to a specific group of premium members of Hype. However, it plans to extend the service to all its users in the coming days, marking a significant milestone in the bank’s digital evolution.

Meanwhile, the service will not require any external exchange for the transfers. In other words, it would enable users to buy and sell the crypto directly within the Hype platform. Notably, the integration of the service comes amid growing institutional interest in the crypto market. Besides, it also highlights the users’ interest in exploring alternative financial solutions like digital assets.

Moreover, Hype aims to allow its users to send portions of BTC to contracts in their address book. Besides, it would also enable its customers to make purchases where crypto payments are accepted. Notably, the bank promotes the BTC wallet as “totally free”, which requires only four steps to use.

However, despite the ease of access, the bank has implemented trading caps to regulate its new offering. The users with a “Hype Start” account can trade a maximum of $2,700 annually. In contrast, the Plus and Premium accounts are allowed to trade up to $54,000 in a year. It appears that these limits are implemented to manage risk while offering flexibility to more active traders.

Growing Crypto Interest

The latest initiative from Hype marks a key step for users who are seeking financial alternatives. In addition, it also comes amid growing institutional interest in digital assets, especially Bitcoin, on a global scale.

Recently, leading US banks like Goldman Sachs and Morgan Stanley have revealed investments in Spot BTC ETFs. It reflects the role of the crypto in modern finance. In other words, the decision of the Italian bank indicates a broader shift towards digital currencies, not just in Italy, but on a global scale.

However, despite the positive update, BTC price traded nearly 3% down in the last 24 hours to $58,281, with its trading volume soaring 42% to $22.77 billion. From yesterday, the crypto has touched a low of $57,864.71 and a high of $59,975.08, reflecting the volatile scenario in the market.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.